FULL TEXT: IMANI Africa's assessment of the TOR – Torentco deal

In a significant move for Ghana’s oil industry, Tema Oil Refinery (TOR) has recently sought approval from Ghana’s Public Procurement Authority (PPA) to lease its main production assets to a company called Torentco Asset Management.

The proposal involves leasing TOR’s primary production assets to Torentco Asset Management, which would assume control of TOR’s core refining operations for a period of six (6) years.

Under this agreement, Torentco would have the authority to refine up to 8 million barrels of oil annually, paying an annual rent of $1 million.

Following some details of the proposed deal, checks have indicated that Torentco Asset Management (TAM) has no online presence, raising questions of a 'shady' deal by government.

Meanwhile, TAM will also pay $0.5 for each extra barrel if it refines more than 8 million barrels under the deal.

Find IMANI's assessment of the deal below: